Bank Negara Malaysia Takes Stand Against Misleading Exchange Rate Data on Social Media

Bank Negara Malaysia rebuffs misleading exchange rate data circulated on social media, sparked by erroneous information from Google on 15 March 2024, emphasizing the importance of relying on official sources to mitigate financial risks.

16 March 2024 – Bank Negara Malaysia (BNM) has taken a decisive stance against the dissemination of inaccurate ringgit exchange rate information circulating on social media platforms. This action comes in response to erroneous USD/MYR exchange rate data published by Google on 15 March 2024, which inaccurately reflected market conditions.

The exchange rate on 15 March 2024, according to official BNM records, stood at 4.7015 at 9 a.m. and 4.7045 at 5 p.m., with an intraday high of 4.7075 in the onshore interbank market for the ringgit. Over the preceding two weeks, the ringgit demonstrated a strengthening trend of 0.76% against the US dollar.

This marks the second instance in 2024 where Google has disseminated inaccurate USD/MYR exchange rate data, prompting BNM to seek clarification and corrective measures from the tech giant. The public is advised to rely on official data sources like BNM to avoid the potential ramifications of using unverified information for financial decisions.

Author: Terry KS

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